SALT Technology, Inc. Secures USD2m for mobile payments platform

SALT Technology, provider of cloud-based mobile payments platform, today announced that it secured USD2m in financing from private investors with deep roots in the mobile, financial and payments technology sectors. The infusion of resources will be used to accelerate the development and delivery of the SALT Payment Platform, SALT Personal Payment Profile, and SALT Merchant Services that enable MNOs, financial institutions and merchants to bring branded mobile wallets to market quickly, on any device, and with any payment type.

“We have had tremendous interest from strategic investors who are desirous of seeing a more rapid evolution of real, scalable solutions for the mobile payments market,” said Brian A. Bogosian, Chairman, CEO and President of SALT Technology, Inc. “According to analysts, 36% of consumers are ready to make mobile payments their standard payment method today, but the market lacks solutions that make the process easy for them. Additionally, MNOs, financial institutions and merchants strive, at great cost, to make mobile payments a reality in their environments. Still, the mobile payments market is expected to reach USD90bn by 2017 in the U.S. market alone. Our innovative platform and integrated merchant solutions help to make mobile payments a reality for our partners, and for consumers, whether they wish to support NFC-based, peer-to-peer, or mobile browser-based payments. Clearly, our new investors are well aware of the credibility of this management team and recognize the opportunity for us to lead a large market and we look forward to working with them as we execute on this potential.”

According to SALT, it’s payment platform makes it possible to bring mobile payment alternatives such as NFC, cloud-based, or even remote QR code-based payment products to market within a fraction of the time and cost required by existing approaches. The company’s solution is being sought by leading MNOs and financial institutions in the U.S. and in Europe. The first implementations of the platform are scheduled to be in market this year.